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Overview (May 2017)

China’s economy accelerated for a second consecutive quarter, on pace to power at least a third of global growth this year as signs of subdued U.S. consumer spending surface. U.S. Retail sales dropped for a second month in March. China’s economy grew by a surprise 6.9 percent on-year, powered by housing, infrastructure investment, exports and retail sales. Beijing also made progress in restraining runaway credit growth. Analysts said the Asian supply chain will benefit through commodities demand and commodity-price support.
The U.S. unemployment rate fell to its lowest in almost a decade in March, despite the economy adding fewer-than-expected jobs. Employers added 98,000 jobs, less than half the tally for January and February. Still, the unemployment rate fell from 4.7 percent in February to just 4.5 percent, the lowest since 2007.
U.S. housing starts fell by 6.8 percent on-month in March. Single-family homebuilding, the largest share of the residential housing market, fell 6.2 percent to an 821,000 unit-pace. But building permits increased 3.6 percent, driven by a 13.8 percent surge in the multi-family segment.
Eurozone factories, meanwhile, struggled to keep up with soaring demand, reporting their highest levels of activity since 2011. IHS Markit's manufacturing Purchasing Managers' eurozone Index rose to 56.2 in March from February's 55.4. 03April
The International Monetary Fund raised its global-growth economic forecast, citing improved prospects in large emerging markets, a global-trade uptick, confidence in the U.S., and demand for container ships. It forecast a 3.5-percent 2017 growth rate, compared with last year’s 3.1 percent. But it warned against trade-killing protectionist tendencies.
Philippines President Rodrigo Duterte issued an interim reappointment of Environmental Secretary Gina Rodriguez despite strong mining-industry opposition. Her February enforcement of environmental laws brought closure orders for 22 of the country's 41 mines. She complains that bureaucrats allowed some of them to stay open. The Chamber of Mines said Lopez wrongly paints the industry as an environmental rapist. A full-reappointment hearing is set for early May.